Hi Up until now we have bent over backwards making sure our creditors are paid every month even if it meant we went without. As always certain things have happened which has made circumstances more difficult for us where we now are in a position that we have to do something as we cannot continue this way. We both are strong believers that you should face up to your problems and we never thought for a second that we would consider bankruptcy. We have spoken to debt agencies who have said we should look at debt management or IVA but due to what has been said about IVA and bankruptcy we are petrified to even consider that
We are now going into a debt management program - paid first payment and only third payment will be going to creditors which means that has damaged our credit now as we have never missed any payments before.We thought that would be better than trying to sort things out ourselves. Problem is we have seriously thought about the whole program - it will take 9 years for us to clear our debt through the program
Problem is I have had bad news medically which has caused me even more stress and we are now at a point where we are doubting the debt management program
We have a mortgage and unsecured loan with Northern Rock - 125% together mortgage - luckily we have only had the house for 1 year and 6 months so if we do give the house up we dont stand to loose that much.
Only problem is I know it is a very stressful decision to make the biggest is how can we get the bank to take the house back without things getting to complicated
Due to my health and all the problems we have gone through within a year we desperately need advice
Hi Samcor71 Just wanted to say welcome to the forum - I know it will be able to help you with all your questions. A good starting point when you haven't yet decided whether bankruptcy, debt management etc is the way to go is to call the helpline number and talk through your options with an expert. They are all very understanding and non-judgemental and will help you make the right decision.
The best advice I can give you to know whether or not your current solution (DMP) is the best for you or that you should consider other options, is to speak to an Insolvency Practitioner to go through all the options with you, to enable you to make an infomred decision.
Please feel free to contact me via the 'experts' link on the left hand side or indeed go onto out sister site iva.co.uk and look at a number of highly recommended IP's on there. Which ever option you chose and whoever you speak to should go through your full situation with you and provide information on all the options - make sure though you select someone who is not going to charge for this service - I have a very strong principle that everyone should have access to free advice, and should not pay for advice onhow they sort out their debt problems
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
we desperately need advice
Posted - 26 March 2009 : 20:21:09
